South African unemployment numbers came out at an astonishing 26.7%, the highest quarterly drop in six years. 355,000 jobs were lost in the last quarter in SA. The rand promptly depreciated to R15.35 against the US dollar. US jobs report last Friday indicating a 166,000 loss in payroll jobs during April. Zimbabwe decided to print their own currency and peg it to the US dollar. Jim Chanos, famous short seller, has revealed that he is shorting MTN, stating that the company has too many ties to Nigeria (60% of its revenues) and a distressed Chinese economy..
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The Longer Walk to Equality | Cannon Asset Managers research